Wazua
»
Investor
»
Stocks
»
The Acorn Saga - Britam vs Cytonn
Rank: Elder Joined: 9/15/2006 Posts: 3,907
|
Mart_Consult wrote:
Never take the happenings in the corporate world at face value.
There are no angels here, but the fallout is undebatable. To each what they came with: To Cytonn/Acorn their deal pipeline+equity To Britam/shareholders their land+3.2bn That outcome I'm prepared to take at face value 
|
|
|
Rank: Elder Joined: 7/23/2008 Posts: 3,017
|
muganda wrote:Mart_Consult wrote:
Never take the happenings in the corporate world at face value.
There are no angels here, but the fallout is undebatable. To each what they came with: To Cytonn/Acorn their deal pipeline+equity To Britam/shareholders their land+3.2bnThat outcome I'm prepared to take at face value To Britam, only a refund of 3.2B. Acorn has a ton of suitors waiting on the same deal. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
hisah wrote:Commingled funds. Bookmark that term. It'll be relevant in future when the drama ends. Segregation of funds... possunt quia posse videntur
|
|
|
Rank: Elder Joined: 8/16/2011 Posts: 2,386
|
|
|
|
Rank: Member Joined: 11/7/2013 Posts: 127 Location: Nairobi, Kenya
|
Obi 1 Kanobi wrote:muganda wrote:Mart_Consult wrote:
Never take the happenings in the corporate world at face value.
There are no angels here, but the fallout is undebatable. To each what they came with: To Cytonn/Acorn their deal pipeline+equity To Britam/shareholders their land+3.2bnThat outcome I'm prepared to take at face value To Britam, only a refund of 3.2B. Acorn has a ton of suitors waiting on the same deal. I agree & can assure anyone of this elderly master (Obi 1)...and that, even Britam knows. They are not willing to risk that for anything (except an equity increase) Britam's problem is not with Acorn, its with Dande et al....NOT fundraising for Acorn takes away their leverage as Britam for increasing their stake in the not-so far future...real estate needs THE pockets...their take was to come-on board as financing partners as you cannot under estimate the funds available to insurance companies combined with their asset management units...now that that's technically gone... I went into the (Ferry) industry knowing the same thing I knew with all other businesses I went into- Nothing. Then I built it from there. - Sheldon Adelson (Titans at the Table- Giants of Macau)
|
|
|
Rank: Hello Joined: 11/12/2014 Posts: 4
|
|
|
|
Rank: Elder Joined: 9/15/2006 Posts: 3,907
|
Investreal wrote:http://www.cytonn.com/public-documents/replying-affidavit-from-edwin-and-cytonn-team.pdf
The drama goes on. A lot of propaganda, but verily the matter lies with these bullets: 51. That on July 18, 2014 Kirathe met Dr. Wairegi. It is clear from the notes of the meeting i) group was not satisfied with the returns it was gettting ii) Britam wanted bigger stake in Acorn ....
53. That on July 24, 2014 Dr. Wairegi stopped payments from bank accounts to any LLP...
55. That on July 31, 2014 we wired from BREF as equity disbursements sums due to various SPVS...
56. That on Aug 06, 2014, we redistrubted the funds...
58. ...members of the Real Estate team and I had thrown in the towel..If funds of BAAM earned a deficient return or were lost, who would be liable, Britam or Dande? His affidavit presumes his mandate and stature exceeds that of a listed company. And so in point 55, 56 he ignores instructions (proceeds to wire money to his future partners) and in point 58 throws in the towel!
|
|
|
Rank: Veteran Joined: 4/1/2009 Posts: 1,885
|
muganda wrote:Investreal wrote:http://www.cytonn.com/public-documents/replying-affidavit-from-edwin-and-cytonn-team.pdf
The drama goes on. A lot of propaganda, but verily the matter lies with these bullets: 51. That on July 18, 2014 Kirathe met Dr. Wairegi. It is clear from the notes of the meeting i) group was not satisfied with the returns it was gettting ii) Britam wanted bigger stake in Acorn ....
53. That on July 24, 2014 Dr. Wairegi stopped payments from bank accounts to any LLP...
55. That on July 31, 2014 we wired from BREF as equity disbursements sums due to various SPVS...
56. That on Aug 06, 2014, we redistrubted the funds...
58. ...members of the Real Estate team and I had thrown in the towel..If funds of BAAM earned a deficient return or were lost, who would be liable, Britam or Dande? His affidavit presumes his mandate and stature exceeds that of a listed company. And so in point 55, 56 he ignores instructions (proceeds to wire money to his future partners) and in point 58 throws in the towel! only payments from the cms and mezz fund were stopped.
|
|
|
Rank: Member Joined: 6/20/2007 Posts: 25
|
If Britam had kept their personnel happy, then they wouldn't have left. The Britam wazees need to become non-executive directors and leave the running of the company to the younger generation. A true partnership of wazees and vijanas is a nightmare for the competition. Well-educated vijanas with decades of experience have refused to become spanner boys.
|
|
|
Rank: Hello Joined: 11/12/2014 Posts: 4
|
obviously reading the young man's replying affidavit, it was obvious that him and the wazees were reading from different pages. looks like ed and team were concerned about baam investors and the wazees were only concerned about their pockets. their job was to make money for investors and charge a fee, but looks like wazee wanted them to make money for them only, and at no fee.and by the way, who is wairegi to stop payment? ...he is not the fund manager. so we are getting closer to the story: britam says it was defrauded, acorn says it is being forcefully acquired, and cytonn says they did not want to be used to screw investors. so who is right? as for wairegi, he looks very clueless sana, how do you say you were defrauded of 4 billion invested over a 4 month period? he def did not understand what was going on in baam at all, i think dande played him like a guitar. that mzee needs to go home. hope he has a clue what is going on in insurance and sales, maybe he is losing billions there too?
|
|
|
Wazua
»
Investor
»
Stocks
»
The Acorn Saga - Britam vs Cytonn
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|